Polkadot DOT (DOT-USD) Price Chart Analysis

DOTUSD Elliott Wave Technical Analysis July 21 2023

4Hour

Polkadot/U.S. dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Flat
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Wave ((2)) is likely to end at the level of 5.1112 A five-wave rise from this point will support this idea.
Wave Cancel invalid level: 4.26

Polkadot/U.S. dollar(DOTUSD)Trading Strategy: Polkadot recovered well from the level. 4.27100, and it looks like wave ((2)) is likely to end at the level 5.1112, we expect the price to resume the upward trend in wave ((3)), and the price bounced from the MA200 line, making it highly probable that the price will reverse to the upward trend.

Polkadot/U.S. dollar(DOTUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are  bullish momentum

Daily

Polkadot/U.S. dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Flat
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Wave ((2)) is likely to end at the level of 5.1112 A five-wave rise from this point will support this idea.
Wave Cancel invalid level: 4.26

Polkadot/U.S. dollar(DOTUSD)Trading Strategy: Polkadot recovered well from the level. 4.27100, and it looks like wave ((2)) is likely to end at the level 5.1112, we expect the price to resume the upward trend in wave ((3)), but even so, the price is still below the MA200 line, so the price may correct a bit. before increasing again

Polkadot/U.S. dollar(DOTUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillator are  bullish momentum